TASS news agency reports that Russia, in accordance with an agreement with OPEC, has cut oil production by 185,000 barrels per day, according to Russian Energy Minister Alexander Novak.
Earlier it was reported that by mid-March, Russia had reduced production by 160,000 barrels per day and by the end of the month, according to the schedule, it should increase this figure to reach a total reduction of 200,000 barrels per day from the prior volume.
On Sunday, after the effective date of the agreement, the second meeting of the committee tasked with monitoring the reduction of oil production will take place in Kuwait. The ministers, under the leadership of the head of the Russian Energy Ministry, Alexander Novak, will evaluate the fulfillment of the agreements by the OPEC countries which have already exceeded the plan and by the non-resident countries, where the current reduction barely exceeds 60% of the quota.
The agreement on the reduction of oil production between OPEC and independent producers expires in June 2017. On May 25th, at the next OPEC meeting, the parties will consider extending the agreement. Before the OPEC meeting, the last meeting of the monitoring committee will be held to determine compliance with the agreement.